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If your business processes materials or assembles goods for sale it will need to keep a stock of items to ensure that future sales can be met. Ideally, stock levels should be kept to a minimum such that hard won cash reserves are not tied up unnecessarily. You will need to manage stocks to cover…

If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules.   Students should be advised that they will pay tax and NIC if: they earn more than £1,048 a month on average, and pay NIC if…

There are a number of tax incentives if you own and let a furnished holiday lets property (FHL). They include:   Claiming Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Business Asset Disposal Relief, relief for gifts of business assets and relief for loans to traders), Entitlement to claim capital allowance deductions for…

Long-awaited government support to help consumers meet the unprecedented increases in energy costs was announced by the Chancellor this week.   His measures have been widely appreciated, but will he need to return with more largesse to meet even more prices increases in oil, gas and electricity prices in the autumn? What has he offered…